NewsLocalDeadline for Bank of Cyprus’ latest early retirement scheme postponed to Thursday

Deadline for Bank of Cyprus’ latest early retirement scheme postponed to Thursday

The deadline for Bank of Cyprus’ latest early retirement scheme has been postponed till Thursday so that more employees do take the decision to push the ‘exit’ button.

This is what Philenews reported on Tuesday, adding that – so far – only about 350 employees have pushed the button even though the scheme’s target is 500-600.

The scheme provides ‘generous’ offer for early retirement with compensation, so that the bank does not have to resort to redundancies. The deadline was end of day on Monday.

The Bank of Cyprus which said this is its final early retirement scheme plans to lay off 500 employees, or 15% of its staff, to downsize its network by closing 15 more branches.

The lender needs to speed up its digital presence and reduce operational costs.

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